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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to investigations and government operations
- Referred to investigations and government operations
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to the determination of entire net income of real estate investment trusts
In Assembly Committee · Ways And Means · Sponsor Sam Hoyt
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the tax law, in relation to banking corporations or bank holding companies that directly or indirectly own or control over fifty percent of voting stock of the captive REIT
Purpose or general idea of bill
Create an incentive for banks in renewal communities to hold more New York mortgages.
Summary of specific provisions
This bill creates a new clause (H) to subparagraph (v) paragraph 2 of subsection (f) of Section 1462 of the Tax Law which allows banking corporations to not combine report with a captive REIT in certain circumstances.
Justification
Banks within empire zones and a renewal community are providing a vital service to the communities that they serve. This bill will allow those banks to offer more services to community that desperately needs community investments.
Prior legislative history
05/27/08 A11322 Referred to Ways and Means
Fiscal implications
Will save New York Banks $30 million.
Effective date
Effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.